According to a report by The Economic Times, product rental marketplace GrabOnRent has partnered with international manufacturers in a bid to strengthen its furniture portfolio.
The Bengaluru based firm is working with 10 Chinese and Malaysian manufacturers to offer innovative furniture design, multi-function and space saving furniture for its largest category of products offering about 14 variants.
The partnership is part of the company’s strategy to launch more multi-functional products in its biggest category, to further boost volumes in the new geographies it has entered as it targets revenues of over INR 100 crore by FY19.
As part of a cash and carry deal, GrabonRent will use data for prediction analysis to source the products every month from international partners, effectively reducing the storage cost at its warehouses.
“It becomes immensely useful when you have space-saving or convertible furniture that allows an individual to optimally use the space and yet not compromise. We are bullish on this category and eye a leadership position in the innovative furniture category,” said Shubham Jain, CEO at GrabOnRent.
GrabOnRent expects the convertible furniture to form 10-12% of all its offerings over the next 6 months.
The two and a half year old firm, which is backed by Ivy Cap Ventures and Unicorn India Ventures, offers products on rent across a host of categories such as furniture, home appliances, laptops & computers, fitness equipment, etc offering over 45,000 products across 500 stock keeping units. As part of its subscription-based service offering, GrabOnRent offers delivery, installation and maintenance for its products.
The firm extended operations beyond Bengaluru to launch in Mumbai and Gurgaon just last month eyeing an expansion across 6 more cities by the end of 2018. The expansion is part of the firm’s strategy to expand its customer base from 35,000 currently to 1,00,000 in the next 3 months even as it claims to grow at a rate of 22% monthly.
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